The NCAA just announced a $10.8 billion, 14-year, agreement that gives its TV, Internet, and wireless rights to CBS Sports and Turner Broadcasting Inc.

The NCAA had the ability to opt out of its three remaining years under a contract with CBS Sports, which has broadcast the tournament since 1982.

ESPN and the CBS/Turner partnership were the front runners for a new deal, but according to Sports Business Journal, ESPN recently passed on the opportunity to meet the $10.8 billion bid.

Now that CBS is partnering with Turner, with next year's March Madness Tournament games will be aired on more networks: CBS, TBS, TNT, and truTV.

“This agreement with our colleagues at Turner and the NCAA secures CBS’s standing as a year-round leader in sports television well into the next decade,” said Sean McManus, president of CBS News and Sports, in a statement.